 "Mahindra Satyam posts over five-fold jump in Q3 profit after tax")
**Hyderabad:**Beating market expectations, ITfirm Mahindra Satyam today reported five-fold rise in profit after tax (PAT) to Rs 308 crore for the quarter ended 31 December.
It had reported PAT of Rs 59 crore in the third quarter(October-December) in 2010-11.The company’s Q3 consolidated revenue was Rs 1,718 crore,up 34% year-on-year.
It made forex gain of Rs 66.39 crore on account ofappreciating US dollar against the rupee.Mahindra Satyam chairman Vineet Nayyar said that without
the forex gain, the company’s revenues are almost flat, 0.3%drop, compared to previous (July-September) quarter.
[caption id=“attachment_200682” align=“alignleft” width=“380” caption=“Mahindra Satyam chairman Vineet Nayyar said that withoutthe forex gain, the company’s revenues are almost flat.AFP Photo”]  [/caption]
“From a volume point of view, yes there is a de-growth ofabout 0.3%. Now, I will consider it to be almostflattish from a volume perspective,” Nayyar said at a pressconference, after announcing the results.
Earlier in a statement he said, “We continue on our pathof building the organisation and improving our operatingmatrix in the face of some headwinds on the economic front.”
Mahindra Satyam CFO Vasant Krishnan said the EBIDTA, oroperating margins, grew by 10% during the quarter, overQ3 FY11.
To a query on the merger with Tech Mahindra, Nayyar said,“Hopefully, as I have said, by October we should have both thecompanies close to the merger. Beyond that at this point, Icannot say anything because there are so many issues whichwill come up as we go along. And they do take time. The normal
timeline that takes for a merger is 7-8 months,” Nayyar said.
On the suit filed against former board and auditors,Nayyar said the company is seeking Rs 270 crore and the figurecould go higher.
Following the effective turnaround of the fraud-hitSatyam Computer into a successful business venture, MahindraSatyam believes that it is high time for the the formerauditors, management and owners to pay up for theirpast misdeeds at the company.
Once a leading Indian IT company, Satyam Computer was hitby a multi-million dollar corporate fraud, admitted by its ownfounder and then chief B Ramalinga Raju over three years ago.After government intervention into the case, thecompany was sold through an auction process to the auto-to-
technology conglomerate Mahindra group, which renamed it asMahindra Satyam.
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